Last checked at 10 Oct 2013 07:00
10 October 2013
Carclo plc
("the group")
Half year trading update
The board is pleased to announce that the group has traded in line with its expectations for the first half of the financial year.
Conductive Inkjet Technology's ("CIT's") new Cambridge facility has been commissioned on schedule and production on its high speed coating line was validated on time. Full scale manufacture of coated film to support Atmel Corporation's ("Atmel's") start-up of the XSense™ program has commenced and CIT revenue in the first half of the financial year was approximately £1.4 million. CIT's shipments will support Atmel's previously announced ramp up of XSense™ which will see its adoption in a number of products launched across a range of tier 1 OEMs during the second half of our financial year. CIT has continued to invest in further technology developments that will support future innovation in the touch screen sector. The board remains confident that this business is on track for significant growth this financial year and into the future.
We are pleased to confirm that in its judgement issued on 7th October 2013, the English High Court has determined that CIT may pursue claims against Uni-Pixel Displays Inc ("Uni-Pixel") in the English courts for breach of confidence and patent entitlement. As a result of this successful decision, Uni-Pixel will be obliged to pay the majority of CIT's costs of this jurisdiction application.
At Carclo Diagnostic Solutions the first phase of our external review of market opportunities has indicated good suitability to a wide range of medical device sectors. The second phase of this review is underway and will assist us in identifying detailed target applications and customer opportunities. In parallel, our technical development has been focussed on performance robustness and test repeatability on both the Micropoc-pro and Micropoc-cat platforms with encouraging initial results.
In Technical Plastics profits will, as expected, be ahead of last year's comparative period. Our US business in particular has traded strongly and is set for further growth. Its capacity expansion project is on track for completion early next year. Our US and Czech businesses are both set to benefit in future years from multiple new business wins.
Reported profits in our LED Technologies division are expected to be in line with the prior year first half helped by good growth in our LED Optics business. With design wins already awarded to Wipac, the division is expected to have a much stronger second half due to the phasing of design, development and tooling projects in our Wipac LED supercar lighting business. Further project wins are anticipated for the second half as manufacturers begin to adopt Wipac's new Hyperlite LED modules.
The group's Precision Engineering division has benefitted from a good first half in its aerospace business and reported profits are expected to be comparable to last year's first half performance.
As usual, due to working days and seasonality, the group will generate a larger proportion of its operating profits in the second half of the year and this will be magnified by the projected increase in CIT coated film sales. The commercialisation of CIT and the growth prospects in Technical Plastics and LED Technologies reflect a very positive outlook for the group and the group's financial position remains strong.
The group will issue its interim results for the period to 30 September 2013 on 19 November 2013.
- ENDS -
Enquiries: | |
Carclo plc | 01924 268040 |
Chris Malley, Chief Executive | |
Robert Brooksbank, Finance Director | |
Weber Shandwick Financial | 020 7067 0700 |
Nick Oborne / Stephanie Badjonat |
Notes to editors
Carclo plc is a technology led plastics group. It is a public company whose shares are quoted on the London Stock Exchange.
Approximately three fifths of sales are derived from the supply of fine tolerance, injection moulded plastic components, which are used in medical, optical and electronics products. This business, Carclo Technical Plastics, operates internationally in a fast growing and dynamic market underpinned by rapid technological development.
Approximately two fifths of sales are derived from the supply of specialised precision components to the premium automotive and aerospace industries and LED optics for a wide range of end applications. Carclo is a leader in the development of high power LED lighting for supercars.
Carclo's strategy is to develop new technologies and products to drive future growth. Its investment in Conductive Inkjet Technology is at the heart of the newly emerging market for very low cost printed electronics.